Jack Heller Of Assemble Media Acquires Manhasset Cinemas Property From Cinemas GMC LLC For $3M

The property involved in this transaction is a special purpose asset located at 430 Plandome Road in Manhasset. The sale price was $3,000,000 for a total of 15,554 square feet, equating to a price per square foot of $193. The property is an Art Deco theater, originally opened in 1936, which was previously owned by Cinemas GMC LLC.

Summary of transaction details:

• Property Type: Special Purpose
• Transaction Amount: $3,000,000
• Address: 430 Plandome Road
• Market: Manhasset
• Square Footage: 15,554
• Price per Square Foot: $193
• Buyer: Jack Heller - Assemble Media
• Seller: Cinemas GMC LLC
• Broker: Clem Coté - Sovereign Realty Group

Jack Heller, the buyer and founder of Assemble Media, has plans to conduct a gut renovation of the theater, including the addition of an IMAX auditorium. Clem Coté from Sovereign Realty Group represented the seller in this transaction.